BTC Digital Ltd. Q2 FY2021 Earnings Call

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Meten EdtechX Q2 and H1 2021 Earnings Summary

  • Revenue Growth:
    • Q2 2021 revenue: RMB204.8 million (US$31.7 million), up 8.2% YoY.
    • H1 2021 revenue: RMB411.3 million (US$63.7 million), up 10.9% YoY.
  • Gross Profit & Margin:
    • Q2 gross profit increased 23.4% YoY to RMB66.2 million (US$10.2 million), with gross margin up to 32.3% (from 28.3%).
    • H1 gross profit increased 52% YoY to RMB137 million (US$21.2 million), with gross margin rising to 33.3% (from 24.3%).
  • Operational Adjustments:
    • All offline courses transitioned to online delivery; offline centers will serve as learning/communication hubs to cut costs.
    • New low-cost, high-profit courses featuring Philippine foreign teachers introduced.
    • Launch of diversified online courses supporting adult career development (e.g. marketing, management, EMBA, etc.).
  • Product & Market Developments:
    • Registered online users as of June 30 increased 19% YoY to 1.9 million.
    • Junior ELT under Meten brand saw a 240.9% increase in registered students as of June 30 YoY.

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Operator: Good afternoon, ladies and gentlemen. Welcome to Meten EdtechX Second Quarter and the First Half of 2021 Earnings Conference Call. Joining us today are the company’s Chair of the Board, Mr. Jason Zhao; the company’s Chief Executive Officer, Mr. Alan Peng; and the company’s Financial Vice President, Mr. . Alan will start today’s presentation with an overview for the second quarter and the first half of 2021 performance. Then, will share more details about our financial performance. After the presentation, we’ll be happy to take any questions you may have during the Q&A segment. Now, I would like to turn the call over to Alan Peng. Alan, please go ahead. Alan Peng: Thanks for joining Meten EdtechX second quarter and first half of 2021 earnings presentation today. I will begin my remarks by providing an overview of the company's business adjustments and optimizations during the first half of 2021, followed by a summary of the company's second quarter and the first half of 2021 performance. Now that the overall situation of the COVID-19 pandemic trends are more stable, we are pleased to see the strong results from second quarter, which reflect our confidence in our team's ability to consistently execute our strategy. We remain focused on meeting the needs of the market and navigating the ongoing impact of COVID-19 on our business. To achieve our long-term operational objectives, we have made many business adjustments and optimizations. We have transferred all offline c

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